Union Bank ready to reschedule SME loans

Mumbai, Nov 26 (UNI) Union Bank of India has said the slowdown has hit small and medium enterprises (SMEs), and the bank is looking at rescheduling loans given to the sector.

In a statement here today, Union Bank chairman, M V Nair said ''We will meet the genuine credit demand of the trade, industry and agriculture. I mean, as of now, liquidity is reasonable.'' He said that they are continuing to lend at the same level at this point of time. The change that has taken place is that access to liquidity for corporates from other avenues have come down. To that extent, the pressure on the banking sector has been high.

'RBI has projected 20 per cent growth in credit at the beginning of the year. Now, we are going around 28 per cent'', he added.